RBI claims, digital economy will get boost from E-RUPI

The e-rupee (digital currency) is expected to have other features of the currency like settlement of deals and security. Chaudhary also said that the purpose of digital currency is to complement the existing form of rupee and not to replace it.

RBI E-Rupee

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reserve Bank of India (RBI) Ajay Kumar Chowdhary, executive director of the Digital Currency (E-Rupee) digital economy (Digital Economy) This will further strengthen the system, make the payment system efficient and reduce the cost of cash handling at the physical level. Along with this, financial inclusion will also increase.

Choudhary said this while addressing a seminar on the topic Central Bank Digital Currency – Story of India. The event was organized ahead of the two-day meeting of the International Financial Framework Working Group of the G-20. The meeting will be held on January 30-31.

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E-Rupee is safe

The RBI launched the Central Bank Digital Currency (CBDC) last year on a pilot basis in the wholesale and retail sectors. Chowdhary said that CBDC is just a digital form of physical currency and has all the characteristics of currency. He said that it does not get interest like other currency. The e-rupee (digital currency) is expected to have other features of the currency like settlement of deals and security. Chaudhary also said that the purpose of digital currency is to complement the existing form of rupee and not to replace it.

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115 countries are exploring the possibility of digital currency

The central bank official said that currently 115 countries representing 95 percent of the global GDP (Gross Domestic Product) are exploring the possibility of digital currency. About 60 countries have progressed a lot in this matter. Some of these are on pilot basis or in the phase of release. Chaudhary said that 18 of the G-20 countries are exploring the possibility while seven countries including India have already started it on a pilot basis.